IPG Closes 97 Unit Las Ventanas
Investment Property Group just closed the 97-unit, Las Ventanas multifamily property in the city of Vista, with a sale price of $17.5 million. This marks the Irvine-based firm’s second large out of area closing.
The seller, FPA Multifamily, is a private equity real estate firm focused on the acquisition, renovation and management of both core plus and work force housing apartment communities. Founded in 1985, FPA has owned over 85,000 apartment units valued at over $7 billion. FPA is currently investing through its value-add focused FPA Apartment Opportunity Fund V which will acquire approximately $1.4 billion of assets and its core plus focused FPA Core Plus Fund III, which will acquire approximately $500 million of assets. Headquartered in San Francisco, FPA also has offices in Irvine, Portland, Denver, Dallas and Atlanta.
FPA Multifamily was linked with an active Orange County buyer through IPG’s Managing Partner, Chris Keramati. Representing both sides of the transaction, Keramati closed his third disposition with the seller and strategically placed the buyer’s equity in the San Diego market, making it their first purchase outside of Los Angeles and Orange County.
“IPG’s unique simultaneous 1031 exchange program was the comfort this buyer needed to grow their portfolio,” states Keramati.